The company said net revenues for the quarter ended March 31, 2024 increased 1.5% from the prior-year period, and DIS revenues rose 1.7%. It cited growth in the base business (excluding COVID-19 testing) and recent acquisitions as the main drivers, which were largely offset by a decline in COVID-19 testing.

1. 01

   The company said net revenues for the quarter ended March 31, 2024 increased 1.5% from the prior-year period, and DIS revenues rose 1.7%. It cited growth in the base business (excluding COVID-19 testing) and recent acquisitions as the main drivers, which were largely offset by a decline in COVID-19 testing.

2. 02

   Quest Diagnostics said it acquired select assets of Lenco, an independent clinical diagnostic laboratory provider in New York, on February 12, 2024 in an all-cash transaction for $111 million. It said restructuring and integration charges before taxes were $17 million for the quarter, of which $6 million was employee separation costs.

3. 03

   Quest Diagnostics said net cash provided by operating activities was $154 million in Q1 2024, compared with $94 million a year earlier, an increase of $60 million, which it mainly attributed to the timing of income tax payments. Cash and cash equivalents totaled $474 million as of March 31, 2024, compared with $686 million as of December 31, 2023.

4. 04

   As of March 31, 2024, the company said it had $1.2 billion of borrowing capacity under its existing credit facilities, and there were no borrowings outstanding under either facility. It repaid in full $300 million of 4.25% senior notes that matured on April 2024, and $600 million of 3.50% senior notes mature in March 2025.

Key figures

Quarter ended March 31, 2024

Revenue

$2.4B

Operating income

$300M

Net income

$194M

EPS

$1.72

Operating cash flow

$154M

Analysis scope · Management's discussion (MD&A)We analyzed the Management's Discussion and Analysis (MD&A) section. Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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